Question
Jack Stewart is an employee of Dr. Sloans medical practice, where he earns a salary of $100,000 in 2019. He also runs his own business
Jack Stewart is an employee of Dr. Sloans medical practice, where he earns a salary of $100,000 in 2019. He also runs his own business on the side and earns $50,000 of net self-employment income in 2019. How much Self-Employment (SE) tax does Jack owe for 2019 related to his $50,000 self-employment income?
Considering the SE tax you calculated for Jack Stewart in the previous question, and also that Jack, who files single, paid $4,000 in student loan interest and made a $7,000 cash contribution to a qualified charity, what is Jacks 2019 AGI? (His gross income was $150,000) (12 points)
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